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    7860   JP3160950006

AVEX INC.

(7860)
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Avex : 〔Delayed〕Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

11/18/2021 | 01:22am EST

Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

(Japanese Accounting Standards)

November 4, 2021

Avex Inc.

Tokyo Stock Exchange, First Section

Code No: 7860

(URL https://avex.com/jp/en/)

Representative: Katsumi Kuroiwa, President, CEO

Contact: Shinji Hayashi, Representative Director, CFO

TEL: (03) 6447-5366

Scheduled date to submit the Quarterly Securities Report (Shihanki Houkokusho): November 8, 2021

Scheduled date for commencement of dividend payments: December 2, 2021

Supplementary documents for financial results: Yes

Financial results briefing: Yes (Video streaming will be provided to institutional investors and securities analysts.)

Note: All amounts are rounded down to the nearest million yen.

1. Consolidated operating results for the interim period of fiscal year ending March 31, 2022

(April 1, 2021 to September 30, 2021)

(1) Consolidated operating results

Note: Figures in percentages denote the year-on-year change.

Net sales

Operating income

Ordinary income

Profit (loss) attributable to

owners of parent

million yen

%

million yen

%

million yen

%

million yen

%

Interim Period of Fiscal Year

46,304

35.1

2,634

-

2,623

-

1,612

-

Ending March 31, 2022

Interim Period of Fiscal Year

34,279

(44.0)

(2,229)

-

(2,557)

-

(3,289)

-

Ended March 31, 2021

(Note) Comprehensive income

Interim Period of Fiscal Year Ending March 31, 2022:

¥1,569 million (-%)

Interim Period of Fiscal Year Ended March 31, 2021:

-¥732 million (-%)

Net income per share

Diluted net income per share

yen

yen

Interim Period of Fiscal Year

37.03

37.02

Ending March 31, 2022

Interim Period of Fiscal Year

(75.53)

-

Ended March 31, 2021

(2) Consolidated financial position

Total assets

Net assets

Shareholders' equity ratio

million yen

million yen

%

As of September 30, 2021

94,438

60,920

61.6

As of March 31, 2021

105,105

58,339

52.6

(Reference) Shareholders' equity

As of September 30, 2021:

¥58,143 million

As of March 31, 2021:

¥55,306 million

2. Status of dividend payments

Annual dividends

End of first quarter

End of second quarter

End of third quarter

End of year

Annual

yen

yen

yen

yen

yen

Year ended March 31, 2021

-

25.00

-

96.00

121.00

Year ending March 31, 2022

-

25.00

Year ending March 31, 2022

-

25.00

50.00

(forecast)

(Note) Revisions to dividend forecasts published most recently: None

3. Forecasts for consolidated business results for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)

Note: Figures in percentages denote the year-on-year change.

Operating income

Profit (loss) attributable

Net income per share

to owners of parent

Year ending

million yen

%

million yen

%

Yen

March 31, 2022

3,000

-

1,800

(86.0)

40.65

(Note) Revisions to earnings forecasts published most recently: Yes

- 1 -

Avex Inc. (7860) Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

  • Notes
    1. Changes in significant subsidiaries during term under review (changes in specific subsidiaries in conjunction with changes in scope of consolidation): None

New: - company (Company name) -

Excluded: - company (Company name) -

  1. Application of particular accounts procedures to the preparation of quarterly consolidated financial statements: None
  2. Changes in accounting policies and changes in or restatement of accounting estimates
    1. Changes in accounting policies in conjunction with revisions to accounting standards: Yes

2.

Changes in accounting policies other than 1:

None

3.

Changes in accounting estimates:

None

4.

Restatement:

None

(4) Outstanding shares (ordinary shares)

a. Shares outstanding at end of term (including treasury stock)

As of September 30, 2021:

45,440,100 shares

As of March 31, 2021:

45,343,500 shares

b. Treasury stock at end of term

As of September 30, 2021:

421,948 shares

As of March 31, 2021:

3,927,388 shares

c. Average number of share (quarter-to-date)

Interim Period of Fiscal Year Ending March 31, 2022

43,538,752 shares

Interim Period of Fiscal Year Ended March 31, 2021

43,547,440 shares

  • This financial summary is outside the scope of audit procedures by certified public accountants and audit firm.
  • Explanation for forecasts of business results and other notes
    The forecasts for operating results and others contained in this release are based on data and information that the Group has obtained so far and specific assumptions that the Group judges to be reasonable. Please note, therefore, that the actual results and others may greatly differ from the forecasts due to various factors.

- 2 -

Avex Inc. (7860) Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

1. Qualitative Information on Consolidated Results, etc. for the Interim Period of Fiscal Year Ending March 31, 2022

(1) Summary of Operating Results

(Unit: million yen)

Fiscal year

Fiscal year

Fiscal year

Fiscal year

Fiscal year

Interim period results

ended March

ended March

ended March

ended March

ending March

31, 2018

31, 2019

31, 2020

31, 2021

31, 2022

Net sales

68,405

83,012

61,189

34,279

46,304

Cost of sales

48,967

60,067

44,658

23,060

28,797

Gross profit

19,438

22,945

16,531

11,218

17,507

Gross profit margin

28.4%

27.6%

27.0%

32.7%

37.8%

Personnel expenses

6,097

6,626

5,647

5,360

5,646

Sales promotion and advertising

3,947

4,802

3,948

2,330

2,989

expenses

General expenses

8,550

7,803

7,624

5,756

6,236

Total SG&A expenses

18,594

19,232

17,220

13,447

14,872

Operating income (loss)

843

3,712

(688)

(2,229)

2,634

Operating margin

1.2%

4.5%

-%

-%

5.7%

In the entertainment industry, to which the Group belongs, the production of music software, including music videos, was down 1.1% year on year, to 136,288 million yen (January to September 2021; according to a survey by the Recording Industry Association of Japan). Sales of paid music downloads were up 15.5% year on year, to 43,609 million yen (January to June 2021; according to a survey by the Recording Industry Association of Japan). In the video-related market, sales of video software fell 1.0% year on year, to 93,458 million yen (January to August 2021; according to a survey by the Japan Video Software Association). The digital video distribution market is expected to continue to grow, given the enhancement of video distribution services and the environmental changes that will improve user convenience, such as responses to TV devices and the dissemination of 5G.

In these business conditions, the Group has been seeking to achieve medium- to long-term growth through working to create strong intellectual properties by discovering and developing artists, talent and creators and reinforcing the lineup of works handled with the planning and development of original works including music, anime productions, video content and the licensing of other companies' works. The Group has also actively facilitated the joint development of new content and the overseas expansion of content owned by the Company in collaboration with promising partners both in Japan and overseas who operate globally.

In the interim period of the fiscal year under review, consolidated net sales increased to 46,304 million yen (up 35.1% year on year), mainly due to a rise in the number of music packaged products sold and the number of live performances and events. Consolidated operating profit came to 2,634 million yen (compared to a consolidated operating loss of 2,229 million yen in the same period of the previous fiscal year). Consolidated profit attributable to owners of parent was 1,612 million yen (compared to a loss attributable to owners of parent of 3,289 million yen in the same period of the previous fiscal year).

- 3 -

Avex Inc. (7860) Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

(2) Summary of Financial Position

Assets at the end of the interim period under review decreased 10,667 million yen, to 94,438 million yen from the end of the previous consolidated fiscal year. This was chiefly attributable to a decline of 9,687 million yen in cash and deposits.

Liabilities were reduced by 13,247 million yen from the end of the previous consolidated fiscal year, to 33,518 million yen. This was primarily due to decreases of 5,918 million yen and 5,634 million yen in accounts payable - other and income taxes payable, respectively.

Net assets increased 2,580 million yen from the end of the previous consolidated fiscal year, to 60,920 million yen. This was mainly due to a decrease of 5,048 million yen in treasury shares (increase in net assets), despite a decrease of 2,382 million yen in retained earnings.

(3) Summary of Consolidated Financial Forecasts and Other Future Forecast Information

In regards to the summary of consolidated financial forecasts for the fiscal year ending March 31, 2022, the financial forecasts presented in the "Consolidated Financial Summary for the Year Ended March 31, 2021" announced on May 13, 2021 have been changed.

For further details, please refer to "Notice on Revision of Financial Results Forecasts" announced on November 4, 2021.

- 4 -

Avex Inc. (7860) Consolidated Financial Summary for Interim Period of Fiscal Year Ending March 31, 2022

2. Quarterly Consolidated Financial Statements and Major Notes

(1) Quarterly Consolidated Balance Sheets

(Unit: million yen)

As of March 31, 2021

As of September 30, 2021

(Assets)

Current assets

Cash and deposits

52,654

42,967

Notes and accounts receivable-trade

14,120

14,868

Merchandise and finished goods

1,366

1,198

Programs and works in progress

4,652

4,151

Raw materials and supplies

300

279

Other current assets

11,904

11,309

Allowance for doubtful accounts

(281)

(291)

Total current assets

84,716

74,484

Noncurrent assets

Property, plant and equipment

Buildings and structures, net

1,082

1,174

Land

1,548

1,548

Other property, plant and equipment, net

479

432

Total property, plant and equipment

3,110

3,156

Intangible assets

3,864

3,804

Investments and other assets

Investment securities

7,143

6,823

Other investments and other assets

6,320

6,405

Allowance for doubtful accounts

(49)

(235)

Total investments and other assets

13,414

12,994

Total noncurrent assets

20,389

19,954

Total assets

105,105

94,438

(Liabilities)

Current liabilities

Notes and accounts payable-trade

1,457

2,071

Current portion of long-term loans payable

54

4

Accounts payable - other

18,341

12,423

Income taxes payable

6,040

406

Provision for bonuses

500

452

Allowance for returned goods

2,892

2,787

Provision for point card certificates

37

49

Provision for contingent loss

225

125

Other current liabilities

15,588

13,637

Total current liabilities

45,138

31,956

Noncurrent liabilities

Long-term loans payable

4

2

Liabilities for retirement benefits

390

415

Other noncurrent liabilities

1,231

1,144

Total noncurrent liabilities

1,626

1,561

Total liabilities

46,765

33,518

- 5 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Avex Inc. published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 06:21:03 UTC.


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Sales 2022 103 B 903 M 903 M
Net income 2022 2 228 M 19,6 M 19,6 M
Net Debt 2022 - - -
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Yield 2022 3,76%
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Nbr of Employees 1 549
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Number of Analysts 1
Last Close Price 1 330,00 JPY
Average target price 2 460,00 JPY
Spread / Average Target 85,0%
EPS Revisions
Managers and Directors
Katsumi Kuroiwa President, CEO & Representative Director
Shinji Hayashi MD & General Manager-Organization
Masato Matsuura Chairman
Keiichi Okubo Independent Outside Director
Toru Kenjo Non-Executive Director
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